How Shopping Malls Are Being Transformed Into Apartments In The U.S.

CNBC

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As the retail landscape continues to evolve in the United States, an unexpected transformation is taking place in some shopping malls - they are being turned into apartments. The shift from bustling retail hubs to residential spaces is reshaping the way people live and interact within these iconic structures.

The video titled 'How Shopping Malls Are Being Transformed Into Apartments In The U.S.' showcases the repurposing of The Arcade Mall in Providence, Rhode Island, the oldest indoor shopping mall in the country. Once a vibrant center for commerce, The Arcade faced hard times and sat vacant until developers saw an opportunity to breathe new life into the historic building. They undertook the ambitious task of converting the upper floors into 48 micro lofts, offering residents a unique living experience within the mall's walls.

The move to convert malls into living spaces is not isolated to The Arcade, with reports indicating that at least 192 U.S. malls had plans to incorporate housing components as of January 2022. The motivation behind these conversions stems partly from the high vacancy rates seen in many malls across the country, coupled with the pressing need for more housing options amidst a nationwide housing deficit.

Living within a converted mall presents both challenges and perks for residents. From navigating small kitchen spaces to adapting to a lack of open-flame cooking devices due to building codes, residents find themselves embracing a lifestyle that merges convenience with historical charm. Access to on-site amenities like shops, restaurants, and even hair salons creates a unique sense of community within the mall's walls.

Real estate investors have also seized the opportunity to capitalize on the trend by renting out mall apartments through platforms like Airbnb. The fusion of residential living with commercial businesses on lower floors fosters a symbiotic relationship, providing a built-in customer base for shops and restaurants while offering residents a truly integrated experience.

Beyond the individual benefits, the conversion of malls into mixed-use spaces has broader implications for local economies. By repurposing these structures into vibrant hubs for living, working, and leisure activities, developers are not only addressing housing needs but also revitalizing communities that would otherwise face economic decline when malls shut down. The potential for job creation and revenue generation in these mixed-use spaces could pave the way for a new chapter in the evolving story of American malls.

However, challenges still abound in this transformative process. Zoning laws, design constraints, and financial considerations pose hurdles for developers looking to convert mall spaces into residential units. Overcoming these obstacles will require innovative solutions and a strategic approach to ensure the success of these ambitious projects.

As the retail landscape continues to shift, the adaptive reuse of malls into apartments presents a compelling opportunity to breathe new life into these once-thriving centers of commerce. By embracing this trend, communities have the chance to reimagine the role of malls as vibrant, multifunctional spaces that not only meet housing needs but also contribute to the economic and social vitality of the regions they serve

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